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Business Process Automation Market by Component, Deployment Type, Organization Size, Business Function Vertical And Region - Global Forecast to 2026

Business Process Automation Market by Component, Deployment Type, Organization Size, Business Function Vertical And Region - Global Forecast to 2026

  • March 2021
  • 230 pages
  • ID: 6039367
  • Format: PDF
  • MarketsandMarkets

Summary

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The global Business Process Automation (BPA) market size is expected to grow from USD 9.8 billion in 2020 to USD 19.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.2% during the forecast period. The Increased need for optimized resource utilization through automated business processes, rising demand of automated IT systems, growing demand for streamlining communication across varied business functions in organizations, and business agility are a few factors driving the growth of the BPA solutions.
Growing need optimized resource utilization through automated business processes is driving the adoption of BPA platforms
The BPA platform automates repetitive manual processes and workflows.This enables users to automate their tasks and activities across a range of areas, including sales and marketing, HR onboarding, accounting, and customer support services, and provide integrations of different business systems for flexibility and ease of use.

BPA solutions enable organizations to significantly reduce the time and cost needed to model and implement business processes, services, and applications.The rising popularity of these solutions can be attributed to the increasing need for streamlining business flows, adapting business processes, and continuously improving workflows to become more responsive toward customers’ dynamic requirements.

They improve operational performance by automating and standardizing activities within enterprises.They also offer effective ways to connect heterogeneous systems within organizations, improve data quality, and reduce data entry efforts through workflow automation.

Furthermore, they reduce the time required to create and modify business rules.

Maintenance and support services to help enterprises in achieving flexibility in business operations
Maintenance and support services are crucial as they directly deal with customer issues that impact customer satisfaction.Every software vendor has a dedicated support team to cater to its customers.

Support, software maintenance, customer portal, post-deployment assistance, and client testimonials are some of the services provided under the maintenance and support services.To ensure consistent customer satisfaction, service providers focus on enhancing their product knowledge base by receiving feedback through interviews and surveys.

The support and maintenance services provide a single point of contact for resolving customer issues. Customer portals, customer forums, technical tips, and software updates are some of the other helping aids made available for customers.

Retail and Consumer goods to grow at the highest rate during the forecast period
Retail and consumer goods is one of the fastest-growing industry verticals due to the rising consumer purchasing power.With the proliferation of eCommerce, retailers are adopting innovative technologies such as cloud computing, big data analytics, digital stores, and social media networks to remain competitive in this industry vertical.

Customer experience proves to be a vital differentiating factor among a wide array of online shopping options.Online retailers risk losing out on their users because of a negative customer experience.

With the ever-changing needs and preferences of customers, the retailers need to introduce new products in the market at a rapid pace. The adoption of the BPA platform is expected to increase in the retail industry vertical as it provides different benefits, such as improved operational efficiency and enhanced customer experience.

North America to hold the largest market size and Asia Pacific (APAC) to grow at the highest rate during the forecast period
North America is the most mature market in terms of BPA solutions adoption, due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise.APAC is expected to offer significant growth opportunities for BPA vendors during the forecast period.

Rapid advancements in emerging technologies, IT infrastructure services, and the Internet of Things (IoT) have led many organizations to adopt BPA solutions.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.

The breakup of the profiles of the primary participants as follows:
• By Company Type: Tier I: 18%, Tier II: 44%, and Tier III: 38%
• By Designation: C-Level: 32%, D-Level: 36%, and Others: 32%
• By Region: North America: 38%, Europe: 26%, APAC: 18%, Row: 8%

The report profiles the following key vendors:
1. IBM (US)
2. Pegasystems (US)
3. Appian (US)
4. Kissflow(India)
5. Laserfiche (US)
6. Nintex (US)
7. Oracle (US)
8. Software AG (Germany)
9. Salesforce (US)
10. Microsoft (US)
11. Bizagi (UK)
12. OpenText (Canada)
13. TIBCO (US)
14. Creatio (US)
15. Genpact (US)
16. DXC Technology (UK)
17. Newgen Software (India)
18. Bonitasoft (France)
19. Kofax (US)
20. FlowForma (Ireland)
21. AuraQuantic (US)
22. AgilePoint (US)
23. Automation Hero (US)
24. Quickbase (US)
25. Cortex (UK).

Research Coverage
The report segments the global BPA market by component, the BPA market has been segmented into platforms and services.The services segment is further segmented into consulting, integration and implementation, and support and maintenance.

By business function, the BPA market is segmented into human resource automation, supply chain automation, sales and marketing automation, accounting and finance automation, customer service support automation, others (legal and compliance and R&D activities).By the deployment model, the BPA market has been segmented into cloud and on premises.

Based on organization size, the market has been classified into Small and Medium-sized Enterprises (SMEs) and large enterprises.By vertical, the BPA market has been classified into BFSI, manufacturing, IT, telecommunications, retail and consumer goods, healthcare, and other (social media and entertainment, government, transport and logistic).
• By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.

Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the BPA market with information on the closest approximations of the revenue numbers for the overall BPA market and the subsegments.The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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